On Tuesday, HSBC raised its target price for L'Oréal shares from €407 to €410, with the recommendation maintained at 'hold'.

Following last week's weaker-than-expected fourth-quarter results, the intermediary sees the outperformance posted by the French cosmetics group continuing, albeit at lower growth rates.

In 2024, we see a sector where L'Oréal's market share gains will remain robust, but with a less favorable price effect, which should lead to a moderation in growth", says the analyst.

HSBC adds that the share's valuation, which is at historic highs, and the limited potential for an upward revision of market forecasts should limit the share's progress.

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